Council approved this year’s tax rates during their regular meeting May 11, giving a second and third reading to Bylaw 05/2015 ‘Annual Tax Rate’.
The increase of 1.4 per cent will result in an average increase of $42.46 a year (or just over $3.50/month on an average home assessed at $465,800 in value); there will also be a 1.65 per cent decrease in educational taxes this year.
In accordance with the Municipal Government Act, council must pass a bylaw authorizing the tax rates to be levied on assessable properties within the town to raise revenues.
Municipal expenditures and transfers set out in the 2015 budget total $44,605,163. Municipal revenues and transfers from non-taxation sources are estimated at $23,106,703 and the balance of $21,498,460 is to be raised through general municipal taxation.
Bylaw 06/2015 ‘Annual Community Revitalization Levy (CRL) Tax Rate’ was given all three readings, as well.
The financial implication is that 2015 CRL revenue would go toward CRL capital projects approved by council.
The CRL tax rate is .00989, which is the same as the non-residential tax rate approved by council under Bylaw 05/2015.
The incremental assessed value of $60,029,600 for CRL properties this year is resulting in $593,693 in CRL property taxes for 2015.
Council approved funding of $22,480 from the Mural Culture Reserve and $7,520 from the Tirion Culture Donation Reserve for the Canada 150 Mosaic project.
Tracy Brooker, manager of recreation, culture and the arts for the town, presented to council the opportunity for Cochrane to take part in the project, as one of 150 communities from across Canada.
The mural, run by Mural Mosaic, is slated for completion in 2017, commemorating Canada’s 150th birthday, and would utilize the talents of over 2,000 Cochrane students, professional and non-professional artists and community members to contribute to the mural — which would be a series of train cars.
This 40x8 mural would be created on the new storage facility being built this summer at the Tim Bannister Memorial Rink next to Centennial Park, which can be seen from Cochrane Hill.
Mural Mosaic is the same group that coordinated the 2003 TRUST Mural project, which has been noted for ‘bringing national and international exposure and community pride to Cochrane.’
